Canadian Underwriter

Chubb expands suite of cyber loss mitigation services for Canadian and U.S. policyholders

December 22, 2016   by Canadian Underwriter

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Chubb announced on Thursday an expanded suite of cyber loss mitigation services is now available to help the company’s policyholders in Canada and the United States reduce the impact and likelihood of a cyber incident.

According to a press release from Chubb, the expanded suite of cyber services includes:

  • Password Defense – Available to Chubb cyber policyholders’ employees, Password Defense helps improve cybersecurity by making it easier for employees to create and use stronger passwords. “It motivates individuals to keep healthier password habits by generating strong passwords for websites, storing them in a secure vault, and synchronizing them across multiple devices,” the release said;
  • Online Cyber Education – With the new security awareness training offering, Chubb’s cyber policyholders have access to two online cyber education courses that can be quickly and easily deployed to educate employees: Security Awareness Basics and Security Awareness for Information Technology. The system also enables managers to download reports to identify employees who have completed the courses; and
  • Premier Cyber Partner Network – All Chubb commercial policyholders now have access to a preferred panel of pre-qualified cyber risk service providers – often at preferred rates. Previously, only Chubb’s cyber policyholders had access to cyber-related services. The partner network was formed to address key security and privacy concerns that were identified following an analysis of Chubb’s proprietary loss data. The release said that these concerns include: malicious software; insider threats; unencrypted sensitive data; security operations; and security and privacy regulations.

In addition to these new offerings, Chubb’s cyber policyholders will continue to have access to a package of “Signature Assessments,” designed to help organizations quickly gauge and understand key areas of risk, the release noted. These consultative engagements are performed by a select group of industry-leading service providers to: validate a cyber incident response plan; identify sensitive information; simulate a phishing attack; scan for network vulnerabilities; and monitor cybersecurity scores.

Michael J. Tanenbaum, executive vice president of North America Financial Lines for Chubb said in the release that the company encourages policyholders to take a three-pronged approach to cyber risk management, combining insurance protection with loss mitigation and incident response services to help mitigate risk before and after an event occurs. “Our expanded suite of cyber services – particularly the addition of password defense and online security awareness training for all cyber policyholders – underscores our commitment to continuing to innovate and improve the experience for our clients,” Tanenbaum said in the release.

Chubb is the world’s largest publicly traded property and casualty insurance company, with operations in 54 countries. Chubb, which employs approximately 31,000 people worldwide, provides commercial and personal P&C insurance, personal accident and supplemental health insurance, reinsurance and life insurance.

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